Shell has become the latest energy giant to report a jump in profits following the sharp increase in oil prices since the beginning of the Iran war.
It reported profits of $6.92bn (£5.1bn) for the first three months of the year, which was higher than analysts had expected and up from $5.58bn in the same period a year earlier.
The price of oil has soared since the start of the US-Israel war with Iran as the key Strait of Hormuz, which usually carries about 20% of the global supplies of oil and liquid natural gas (LNG), has been effectively closed.
Last week, rival oil giant BP said its profits for the first three months of the year had more than doubled.
Other oil firms have also reported bumper results. On Wednesday, Norway’s Equinor said profits in the first three months of the year had hit $9.77bn, its highest quarterly profit for three years.
Traders profit
Shell chief executive Wael Sawan said: “Shell delivered strong results enabled by our relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets.
“The safety of our people remains our priority as we work closely with governments and customers to address their energy needs.”